Range Resources is riding the range as an independent acquirer and developer of US oil and gas resources. The company's long-term strategy involves acquiring long-lived established properties, and it has major development areas in the Appalachian, and Southwest (West Texas, western Oklahoma, and Texas Panhandle) regions. Natural gas accounted for 67% of Range Resources' proved reserves of 10.3 trillion cu. ft. of natural gas equivalent in 2014. The company holds more than 2 million net acres of leasehold properties, and an inventory of more than 9,000 net drilling locations. To expand in the East and in the Gulf, in 2016 it bought rival natural gas producer Memorial Resource Development for $4.2 billion.